4 false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,155 1,070 2,085 2,027 244 917 1,354 731 1,128 xbrli:pure xbrli:shares iso4217:GBP 05586349 2022-12-01 2023-11-30 05586349 2023-11-30 05586349 2022-11-30 05586349 2021-12-01 2022-11-30 05586349 2022-11-30 05586349 bus:Director1 2022-12-01 2023-11-30 05586349 bus:Director2 2022-12-01 2023-11-30 05586349 core:WithinOneYear 2023-11-30 05586349 core:WithinOneYear 2022-11-30 05586349 core:AfterOneYear 2023-11-30 05586349 core:AfterOneYear 2022-11-30 05586349 core:ShareCapital 2023-11-30 05586349 core:ShareCapital 2022-11-30 05586349 core:RetainedEarningsAccumulatedLosses 2023-11-30 05586349 core:RetainedEarningsAccumulatedLosses 2022-11-30 05586349 bus:SmallEntities 2022-12-01 2023-11-30 05586349 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05586349 bus:FullAccounts 2022-12-01 2023-11-30 05586349 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05586349 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05586349 core:ComputerEquipment 2022-11-30 05586349 core:ComputerEquipment 2022-12-01 2023-11-30 05586349 core:ComputerEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: 05586349
TMC Car Sales Limited
Unaudited financial statements
30 November 2023
TMC Car Sales Limited
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
731
1,128
Current assets
Stocks
266,721
276,751
Debtors
6
89,972
35,238
Cash at bank and in hand
248,396
271,435
---------
---------
605,089
583,424
Creditors: Amounts falling due within one year
7
( 85,094)
( 83,441)
---------
---------
Net current assets
519,995
499,983
---------
---------
Total assets less current liabilities
520,726
501,111
Creditors: Amounts falling due after more than one year
8
( 15,833)
( 25,833)
---------
---------
Net assets
504,893
475,278
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
504,793
475,178
---------
---------
Shareholders funds
504,893
475,278
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TMC Car Sales Limited
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
M Walker
N Stocks
Director
Director
Company registration number: 05586349
TMC Car Sales Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The company's trading address during the year was Toft Monks Garage, Beccles Road, Toft Monks, Beccles, Suffolk, NR34 0EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The assets of the scheme are held separately from those of the company.
4. Employee numbers
The average number of employees during the year was 4 (2022: 4 ).
5. Tangible assets
Office Equipment
Total
£
£
Cost
At 1 December 2022
3,155
3,155
Disposals
( 1,070)
( 1,070)
------
------
At 30 November 2023
2,085
2,085
------
------
Depreciation
At 1 December 2022
2,027
2,027
Charge for the year
244
244
Disposals
( 917)
( 917)
------
------
At 30 November 2023
1,354
1,354
------
------
Carrying amount
At 30 November 2023
731
731
------
------
At 30 November 2022
1,128
1,128
------
------
6. Debtors
2023
2022
£
£
Trade debtors
34,286
30,142
Other debtors
55,686
5,096
-------
-------
89,972
35,238
-------
-------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
11,308
20,363
Social security and other taxes
42,024
35,346
Other creditors
21,762
17,732
-------
-------
85,094
83,441
-------
-------
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
8,470
----
------